Capital markets (equity) in Hong Kong
Clifford Chance
In 2019, the Greater China ECM team at Clifford Chance completed 15 IPOs on the Main Board of Hong Kong Stock Exchange for both Chinese and international companies. It also continued to assist Chinese companies with their fund raising in overseas markets. The team leverages mandates from the TMT, financial services, healthcare, real estate and consumer goods sectors. Amy Ho heads the practice in Hong Kong, with over 30 years’ experience in corporate finance, cross-border M&A and securities transactions across Asia. Virginia Lee handles takeovers, IPOs, pre-IPO investments, joint ventures, equity fundraising and compliance matters. Liu Fang advises issuers and global investment banks in Hong Kong IPOs, SEC-registered offerings, share placements, notes offerings, and other capital raising transactions. Tim Wang is the main contact in Beijing.
Practice head(s):
Other key lawyers:
Christine Xu; Liu Fang; Virginia Lee; Frank Yuen; Corey Zhang
Key clients
Huatai Securities
Shenwan Hongyuan Group
Bank of Guizhou
JS Global Lifestyle Company
Maoyan Entertainment
CIMC Vehicle
XD Inc.
CK Asset Holdings Limited
Work highlights
- Advised Huatai Securities, a leading technology-enabled securities group in China, on its historic offering and listing of global depository receipts (GDRs) representing its Shanghai-listed A shares on the London Stock Exchange.
- Advised the joint sponsors and underwriters, including JP Morgan and Morgan Stanley on Budweiser Brewing Company APAC Limited (Budweiser APAC)’s $5.8bn initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEX).
- Advised underwriters who are led by Morgan Stanley, Citigroup, UBS, Goldman Sachs and China Merchants Securities as the Joint Global Coordinators, on Hansoh Pharmaceutical’s HK IPO with the offering size of approximately $1.2bn.
Kirkland & Ellis
With a team spread across Hong Kong, Beijing and Shanghai, Kirkland & Ellis handles IPOs, convertible bond offerings, high yield and investment grade debt offerings, follow-on offerings and private investment in public equity (PIPE) transactions. With the ability to provide Hong Kong and US law advice, the team is well-placed to advise PRC companies on dual listings. Regulatory advice and compliance are key areas of focus for the practice, and it maintains close relationships with the Securities and Futures Commission (SFC), the Hong Kong Stock Exchange, the Securities and Exchange Commission (SEC), NYSE and NASDAQ. Head of practice David Zhang counts Chinese and other Asian companies and underwriters amongst his client base. Li-Chien Wong, who also heads the team, handles high-profile IPOs and is an expert on regulatory matters. Yazhe Liu joined as partner from Davis Polk & Wardwell LLP. Meng Ding left for Sidley Austin.
Practice head(s):
Other key lawyers:
Key clients
Warburg Pincus (Controlling Shareholder) – ESR Cayman Limited’s HK IPO
Goldman Sachs, BofA Merrill Lynch, Morgan Stanley, CICC, China Renaissance and KeyBanc Capital Markets – Pinduoduo Inc.’s following-on offering
Bank of America Merrill Lynch, Goldman Sachs, Barclays and UBS – Pinduoduo Inc.’s convertible senior notes offering
Wynn Macau, Limited
J.P. Morgan Securities LLC, UBS Securities LLC, Credit Suisse Securities (USA) LLC and China International Capital Corporation Hong Kong Securities Ltd. – Kingsoft Could’s USIPO
Credit Suisse, Goldman Sachs, Citigroup and Jefferies – HUYA Inc.’s follow-on offering
Goldman Sachs (Asia) L.L.C., BofA Securities, Inc., and Jefferies LLC – Dada’s U.S. IPO
Morgan Stanley, Bank of America Merrill Lynch, China Renaissance Holdings Limited, UBS Investment Bank, China International Capital Corporation Limited, China Securities (International) Corporate Finance, Mirae Asset Daewoo Co., Ltd., China Merchants Securities Co., Ltd., Bank of China International Holdings Limited, Haitong Securities Co., Ltd., CMB International Capital Corporation Limited, Futu Securities International (Hong Kong) Limited, ICBC International Holding Limited and AMTD Group Company Limited – Maoyan Entertainment’s HK IPO
Shanghai Dongzheng Automotive Finance Co., Ltd.
AMTD Global Markets Limited and Loop Capital Markets LLC – AMTD International Inc.’s US IPO
CMGE Technology Group Limited
Chengdu Expressway Co., Ltd.
Citigroup, Morgan Stanley, Haitong and China Renaissance – 360 Finance, Inc.’s follow-on offering
Credit Suisse and Barclays – JinkoSolar’s follow-on offering
Morgan Stanley, Credit Suisse and Citigroup – Huami’s follow-on offering
Opera Limited
Citigroup Global Markets Inc., China International Capital Corp. Hong Kong Securities Ltd., Tiger Brokers (NZ) Ltd. and Valuable Capital Ltd. – Huize Holding’s US IPO
Jiayin Group Inc.
I-Bankers Securities, Inc., Valuable Capital Limited and Tiger Brokers (NZ) Limited – uCloudlink Group Inc.’s US IPO
Work highlights
- Represented Warburg Pincus as the largest shareholder in the $1.6bn initial public offering and listing on the Hong Kong Stock Exchange of their co-founded and controlled portfolio company, ESR Cayman.
- Advised Goldman Sachs, BofA Merrill Lynch, Morgan Stanley, CICC, China Renaissance and KeyBanc Capital Markets as underwriters in the $1.6bn follow-on offering of American depositary shares by Pinduoduo Inc.
- Represented Wynn Macau, Limited in its offering of $1bn 5.125% senior notes due 2029 pursuant to Rule 144A and Regulation S.
Latham & Watkins LLP
Latham & Watkins LLP’s Greater China capital markets practice advises on both issuers and underwriters on US and Hong Kong listings. Working closely with its banking practice, the firm is in a good position to advise on equity products, and debt and equity-linked products, as well as securities regulations. Head of practice Cathy Yeung has over 20 years’ experience in high-profile IPOs. Benjamin Su handles US IPO mandates in the fintech, big data, online brokerage, healthcare and cloud education sectors. Allen Wang is recommended for China-focused IPOs, high-yield bonds, investment grade debt and convertibles.
Practice head(s):
Other key lawyers:
Dominik Sklenar; Daying Zhang; Allen Wang; Terris Tang; Benjamin Su; Zheng Wang
Key clients
ESR Cayman Limited
BofA Merrill Lynch
China International Capital Corporation Hong Kong Securities Limited
China Merchants Securities (HK) Co., Limited
Credit Suisse (Hong Kong) Limited
CMB International Capital Limited
Haitong International Securities Company Limited
The Hongkong and Shanghai Banking Corporation Limited
CLSA Capital Markets Limited
Jefferies Hong Kong Limited
BOCOM International Securities Limited
Fosun Hani Securities Limited
Orient Securities (Hong Kong) Limited
BOCI Asia Limited
China Jinmao Holdings Group Limited
Morgan Stanley
Cantor Fitzgerald & Co.
China Risun Group
Work highlights
- Advised ESR Cayman Limited (“ESR”) on its $1.6bn global offering and listing of shares on the Main Board of the Stock Exchange in Hong Kong.
- Advised the underwriters on the $775m IPO of DouYu International Holdings Limited on the New York Stock Exchange.
- Advised the underwriters on the $383m IPO of Venus Medtech (Hangzhou) Inc. (“Venus Medtech”) on the Main Board of the Stock Exchange in Hong Kong.
Linklaters
Linklaters is partnered with Zhao Sheng Law Firm in China, enabling it to provide high-quality PRC law advice, as well as international advice, to multinational clients. The firm has a close working relationship with the Hong Kong regulators, making it well-placed to advise on compliance matters. The team leverages mandates from the technology, healthcare, fintech, consumer and energy sectors. Head of practice Gilbert Li is recommended for cross-border private and public M&A, private equity and ECM transactions. Kevin Cheung, who jointly heads the team, handles a wide range of corporate finance and equity transactions. Counsel Donnelly Chan handles equity offerings, joint ventures and regulatory issues. Robert Cleaver relocated to London.
Practice head(s):
Other key lawyers:
Testimonials
‘The team has a very high team spirit, each team member is highly experienced and professional’.
‘On some ad-hoc inquiries, they mobilise global resources to provide best-in-class solutions’.
‘Gilbert is the most hardworking partner that I have ever worked with’.
‘Gilbert Li’s professionalism and competency in IPO execution is extremely high’.
‘Gilbert Li has very high level of affinity, it is always a pleasure to work with him’.
‘The team is knowledgeable on the latest regulatory requirements and market practice, and they are dedicated to provide top notch and reliable advice’.
‘When things get tricky, we know that Gilbert Li will always be around to help us come up with a viable solution’.
‘Highly commercial and practical legal advice’.
Key clients
Citigroup
J.P. Morgan
China International Capital Corporation (CICC)
HSBC
Morgan Stanley
Credit Suisse
Bank of America
CLSA
BOCI
China Securities
Blue Moon Group Holdings Limited
Cathay Pacific Airways Limited
Work highlights
- Advised Cathay Pacific on the landmark HK$39bn recapitalisation proposal.
- Advised the joint global coordinators, the joint sponsors, the joint bookrunners, the joint lead managers and the joint underwriters on the $856m IPO of China Feihe – the 6th largest IPO on the Hong Kong Stock Exchange in 2019.
- Advising Blue Moon Group Holdings on its highly anticipated proposed IPO.
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP’s dedicated capital markets team offers US and Hong Kong law capabilities for both equity and debt transactions originating from China, Hong Kong and Taiwan. The team is headed by five partners, including Celia Lam, who is deeply experienced in securities offerings and listings, public takeovers and private M&A for state-owned enterprises (SOEs) and multinational corporations. Chris Lin handles IPOs across Greater China; Christopher Wong has over 24 years’ experience in China capital markets; Daniel Fertig specialises in US-registered offerings and Rule 144A and Regulation S offerings, and advises public companies on corporate governance and regulatory matters; and Yi Gao, who was recently promoted to partner, advises companies on pre-IPO and post-IPO financing and investments. Counsel Marjory Ding is recommended for public and private offerings of equity and debt securities.
Practice head(s):
Celia Lam; Chris Lin; Christopher Wong; Daniel Fertig; ; Yi Gao
Other key lawyers:
Key clients
51job, Inc.
Alibaba Group Holding Limited
Athenex Inc.
BEST Inc.
Binjiang Service Group
Cango Inc.
Canaan Inc.
China Logistics Property Holdings Co., Ltd
Crystal International Group
Ganfeng Lithium Co., Ltd.
GDS Holdings Limited
GreenTree Hospitality Group Limited
Homeland Interactive Technology Ltd.
Hon Hai Precision Industry Co., Ltd.
Honma Golf Limited
Inke Limited
JNBY Design Limited
LightintheBox
Mulsanne Group
Natural Food International Holdings
Ozner Water International Holding Limited
Phoenix New Media
Phoenix Tree Holdings Limited
Qudian Inc.
Qutoutiao Inc.
Regina Miracle International (Holdings) Limited
Ruhnn Holding Limited
United Microelectronics Corporation
Yingli Green Energy Holding Company Limited
Zhongliang Holdings Group Company Limited
Zhenro Properties Corporation
Zhou Hei Ya International Holdings Company Limited
Bank of American Merrill Lynch
Bank of China International
CCB International
China Merchants Securities
CICC
Citigroup
CLSA
Credit Suisse
Deutsche Bank
Goldman Sachs
Haitong Securities
HSBC
J.P. Morgan
Macquarie Capital
Morgan Stanley
UBS
Work highlights
- Advised Alibaba Group on its record-breaking $13bn Hong Kong listing.
- Advised Canaan Inc. on its NASDAQ IPO.
- Advised Zhongliang Holdings on its HK$2.94bn Hong Kong IPO.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP’s deep bench offers seamless Hong Kong, English, and US law advice. It acts for Chinese companies in the technology, healthcare, consumer, education, and fintech sectors, amongst others. Head of China practice Julie Gao is noted for her expertise in capital markets transactions involving IPOs as well as other equity, convertible bonds, and debt securities. Key practitioner Christopher Betts handles a large volume of Hong Kong IPOs and advises on rights issues, placings, and other fundraising activities. Shu Du Hong Kong was promoted to partner and is recommended for securities offerings. Counsel Yilin Xu focuses on public listings, M&A, and private equity investments.
Practice head(s):
Julie Gao; Jonathan Stone; Christopher Betts; Shu Du; Peter Huang (Beijing); Edward Lam; Haiping Li (Shanghai); Paloma Wang
Other key lawyers:
Key clients
JD.com, Inc.
NetEase, Inc.
Pinduoduo Inc.
Ctrip.com International Ltd.
Pharmaron Beijing Co., Ltd.
AMTD International Inc.
Nio Inc.
Innovent Biologics
InnoCare Pharma Limited
Bilibili Inc.
Work highlights
- Represented JD.com on its $4.3bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
- Represented NetEase on its $3.1bn secondary listing of new ordinary shares on the Hong Kong Stock Exchange.
- Represented AMTD International (Hong Kong) on its $200m IPO of American Depositary Shares and listing on the New York Stock Exchange.
Allen & Overy
The ECM team at Allen & Overy is complemented by its bench of US securities law partners and capital markets partners in Singapore. It is active in fast-growing industries, such as real estate, life sciences and TMT, and regularly advises international investment banks on blocktrades of Hong Kong-listed companies. Practice head Lina Lee is adept at handling including IPOs, rights issues, secondary share offerings and other corporate transactions; and is fluent in English, Cantonese and Mandarin. Jonathan Hsui advises on securities, corporate and compliance matters. Kung-Wei Liu was promoted to partner. Alex Tao left for Milbank.
Practice head(s):
Other key lawyers:
Key clients
Duiba Group
Greentown China
CLSA
BNP Paribas
Goldman Sachs
Jefferies
UBS
Morgan Stanley
Greater Bay Homeland Development Fund
Work highlights
- Advised The underwriters on Cathay Pacific’s announced HKD$11.7bn rights issue as part of Cathay Pacific’s HKD$39bn recapitalisation plan.
- Advising the sponsor and underwriters on the listing of the shares of Central China New Life on the Hong Kong Stock Exchange.
- Advising Goldman Sachs and two leading international investment banks on the $600m top-up placement of shares, and Goldman Sachs on $300m subsequent top-up placement of shares, in HKEx-listed Shimao Property Holdings.
Davis Polk & Wardwell LLP
Davis Polk & Wardwell LLP handles a strong flow of US and Hong Kong IPOs and follow-on offerings across the region. With strength in TMT and biotech sectors, the firm is well-placed to advise clients in highly regulated industries. It also advises on share placements for both Hong Kong and US-listed issuers. After the recent departure of Bonnie Chan, who returned to an in-house role at the Hong Kong Stock Exchange, the team is headed up by Li He, James Lin, and junior partner Yang Chu. He acts for China-based companies, global investment banks and private equity funds on cross-border equity capital markets transactions. Lin is recommended for US and Hong Kong IPOs by Chinese companies. Chu handles high-profile biotech listings.
Other key lawyers:
Work highlights
- Advised Kingsoft Cloud on its $510m IPO and Nasdaq Listing.
- Advised DouYu’s $775m IPO and Nasdaq listing.
- Advised CStone Pharmaceuticals’ $285m IPO and HKEX listing.
Herbert Smith Freehills
Herbert Smith Freehills is well-regarded for advising issuers, underwriters and shareholders on public offerings and private placements of debt and equity across a broad range of sectors globally. Secondary offerings are a key area of focus for the firm and it offers advice on rights issues, block trades and accelerated entitlement offerings. It leverages mandates from the biotech, pharmaceutical, education, energy, infrastructure, TMT, finance, insurance, real estate, retail, logistics and commodities sectors. Under the leadership of Matthew Emsley, the team handles corporate finance work, including IPOs, secondary offerings and M&A. Jason Sung is recommended for the simultaneous listings of A-shares and H-shares.
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Other key lawyers:
Testimonials
‘Generally a strong and stable team with reasonable fees’.
”Matt Emsley is a well connected partner, and is hands-on and smart in his approach’.
‘Matthew Emsley is one of the best capital market lawyers in Hong Kong’.
‘The firm is well-positioned with a strong Hong Kong team, and an expanding US team’.
‘Matthew Emsley is extremely dedicated and committed, he works tirelessly to provide a high standard of legal advice’.
Key clients
China International Capital Corporation Hong Kong Securities Limited
Orient Capital (Hong Kong) Limited
CMB International Capital Limited
HSBC Corporate Finance (Hong Kong) Limited
China Everbright Water Limited
Newborn Town Inc.
ICBC International Capital Limited
Macquarie Capital Limited
Huatai Financial Holdings (Hong Kong) Limited
China Merchants Securities (HK) Co., Limited
Morgan Stanley Asia Limited
Work highlights
- Advised China International Capital Corporation, Orient Capital and the underwriters on SinoMab Bioscience Limited’s HK$1.29bn Hong Kong listing and global offering.
- Advised CMBI and HSBC, as joint sponsors, and CMBI, HSBC, BOCI Asia Limited, AMTD Global Markets Limited, ABCI Capital Limited, China Industrial Securities International Capital Limited and Guotai Junan Securities (Hong Kong) Limited, as underwriters on Approximately Duiba Group Limited’s HK$667m listing on the Main Board of The Hong Kong Stock Exchange.
- Advised China Everbright Water Limited on its approximately $40m IPO and dual primary listing on the Main Board of the Hong Kong Stock Exchange.
Norton Rose Fulbright
Norton Rose Fulbright has strong connections to key Chinese sponsors and underwriters, enabling it to act at the forefront of IPOs and other ECM transactions in Hong Kong and further afield. The practice has a focus on the property management, life sciences, education and energy sectors. Head of team Psyche Tai has over 20 years’ experience advising Chinese corporates and multinationals on IPOs and listings. Terence Lau is noted for his expertise in convertible bonds, top-up placings and subscription of notes. Senior associate Aldo Chan focuses on corporate finance, capital markets transactions and M&A.
Practice head(s):
Other key lawyers:
Terence Lau; Aldo Chan; Margie Chan; Allan Yee; Doris Ng; Harold Tin; Winnie Chan; Vicky Lam
Testimonials
‘A team with a dedicated attitude and attention to detail’.
‘Terence Lau most is very resourceful and closely oversees the transaction in hand’.
‘Well-rounded team who know the market’.
‘Doris Ng was very accessible throughout’.
‘Doris Ng demonstrated excellent technical skills and was capable of providing legal advice that was both commercially sound and sensitive to business needs’.
Key clients
ABCI Capital Limited
Argonaut Securities
Beijing Capital Land Ltd.
BOCI Asia Limited
BNP Paribas Securities (Asia) Limited
CCB International Capital Limited
China Galaxy International Securities (Hong Kong) Co., Limited
CLSA Limited
Gemini Investments (Holdings) Limited
GF Capital (Hong Kong) Limited / GF Securities (Hong Kong) Brokerage Limited
Haitong International Capital Limited / Haitong International Securities Company Limited
HSBC
Huatai Financial Holdings (Hong Kong) Limited
ICBC International Capital Limited
Lego Corporate Finance Limited
Macquarie Capital Limited
Magnus Concordia Group Ltd
Nomura International (Hong Kong) Limited
PT Indo Premier Sekuritas
UBS AG Hong Kong Branch
Work highlights
- Advised the joint sponsors and joint global coordinators on Poly Property Development Co., Ltd’s spin-off from major Chinese SOE Poly Developments and Holdings Group, and separate HK$5.4 bn H-share listing on the Main Board of HKEx and global offering.
- Advised BOCI Asia Limited as the sole sponsor and sole global coordinator in relation to the global offering and listing of the shares of EuroEyes International Eye Clinic Limited on the Main Board of Hong Kong Stock Exchange, raising gross proceeds of approximately HK$595m. EuroEyes is a well-known German ophthalmic group with a wide geographical reach, with operations in Germany, Denmark and China.
- Advised Beijing Capital Land Ltd. on its rights issue of 5 rights shares for every 10 existing shares comprising H share rights issue at HK$1.87 per H rights share; domestic share rights issue at RMB1.68 per domestic rights share and non-H foreign share rights issue at RMB1.68 per non-H foreign rights share, and net proceeds of approximately RMB2,492m (approx. $351m) in aggregate was raised.
Slaughter and May
Slaughter and May has a deep working relationship with the HKSE and SFC, and has several partners serving on committees, including Benita Yu, who is a member of the SFC Takeovers and Mergers Panel,and the Takeovers Appeal Committee. Yu is experienced in cross-border listings and share offerings by overseas corporations and PRC SOEs. John Moore, who is US and Hong Kong-qualified acts for investment banks, corporations and private equity funds on capital markets, M&A and private equity transactions. The practice also handles IPOs, secondary placings, strategic placings and bond issues for major corporate issuers, investment banks and sovereigns. Peter Brien heads the team.
Practice head(s):
Other key lawyers:
Benita Yu; John Moore; Jason Webber; Lisa Chung; Jing Chen; Clara Choi; Peter Lake; Charlton Tse
Key clients
China International Capital Corporation
Citigroup Global Markets Asia Limited (Citi)
Credit Suisse (Hong Kong) Limited (Credit Suisse)
DBS Asia Capital Limited (DBS)
Goldman Sachs (Asia) L.L.C. (Goldman Sachs)
Haitong International Capital Limited (Haitong)
The Hongkong and Shanghai Banking Corporation Limited (HSBC)
Huatai Financial Holdings (Hong Kong) Limited (Huatai)
Macquarie Capital Limited (Macquarie)
UBS AG (UBS)
Work highlights
- Advised Haitong and DBS, as joint sponsors and joint global coordinators, as to Hong Kong and U.S. laws on the global offering and listing of BEURG on the Main Board of the HKSE, raising HK$620m.
- Advised Goldman Sachs, as placing agent, on Hong Kong and US laws in relation to the placing of 200 million existing shares in China Resources Land Limited (CR Land) held by CRH (Land) Limited and the subsequent top-up subscription of 200 million new shares in CR Land.
- Advised Citigroup Global Markets Asia Limited, as manager, on Hong Kong and US laws in relation to the HK$1.3bn secondary block trade of shares in Ping An Healthcare and Technology Company Limited (Ping An Good Doctor) held by Hero Wall Limited.
Sullivan & Cromwell
Sullivan & Cromwell handles IPOs and securities offerings in the Hong Kong and Greater China markets, and further afield. It is adept at handling dual listings on the Hong Kong Stock Exchange and the Shanghai Stock Exchange. Key practitioners include Kay Ian Ng, Ching-Yang Lin and Chun Wei.
Practice head(s):
Other key lawyers:
Ashurst
Ashurst is well-regarded for handling IPOs and other ECM transactions for investment banks and financial institutions, as well as businesses in the pharmaceutical, biotech, digital economy, infrastructure, and energy and natural resources sectors. Areas of focus include entitlement offers, equity subscriptions, rights issues, private placements, block trades and buy backs. Head of practice Frank Bi is experienced in global transactions and compliance matters. Melody He-Chen, who recently joined from DLA Piper, jointly heads the team and focuses on securities offerings. Stuart Rubin is the name to note in London. Counsel Li Jiang is dual-qualified in the State of New York and Hong Kong.
Practice head(s):
Other key lawyers:
Testimonials
‘Ashurst provides high quality, efficient and commercial solutions to clients that facilitates the smooth execution of transactions’.
‘The team is responsive and communicates effectively’.
‘The level of dedication at the senior level from Ashurst is excellent’.
‘Stuart Rubin is very hands-on and dedicated as a senior partner’.
‘Stuart Rubin has good commercial sense and a deep understanding of international capital markets and investment banks’.
Key clients
Investment banks such as Goldman Sachs, Citi, Credit Suisse, UBS, Nomura, BofA Merrill Lynch, Nomura, etc.
JP Morgan
CMB International
ICBC International
Panda Green Energy Group Limited
Inke Limited
Kintor Pharmaceutical Limited
CEB International
CCB International
Haitong Securities
Work highlights
- Advised Panda Green Energy Group Limited the client in relation to a subscription agreement for the allotment and issue of 7,176,943,498 shares of the Company at the subscription price of HK$0.25 per subscription share for a total cash consideration of around HK$1.8bn.
- Represented UBS as placing agent in connection with the $400 million primary offering of H-shares in Guotai Junan.
- Acted for Inke Limited on a share purchase agreement with certain independent third parties (as vendors) to purchase 100% shareholding in a Cayman Islands company and 84.3% equity interest in the Cayman Co’s indirectly controlled PRC Company (the ‘Domestic Company’) for an aggregated consideration of $85m for the purpose of acquiring a social networking APP (Jimu APP) developed by the Domestic Company.
Deacons
Deacons is noted for its high volume capital markets practice, with experience in IPOs, secondary issues, M&A, and corporate restructurings. The team leverages mandates in the IT, fashion, food and beverage, construction and property management sectors. Head of practice Ronny Chow has over 25 years’ experience in corporate finance and securities work, and cross-border private equity transactions. Eugina Chan jointly heads the team. Senior associate Doris Leung is recommended and Canny Lau was promoted to partner.
Practice head(s):
Other key lawyers:
Doris Leung; Rhoda Yung; Maynard Leung; Sabrina Fung; Gary Wong; Peter Cheng
Testimonials
‘Deacons has an enviable reputation as a leading Hong Kong capital markets practice over the past three decades’.
‘Its breadth and depth of expertise in acting for sponsors and issuers are outstanding in this field’.
‘Its strength lies in its pool of talented and dedicated practitioners who are well-versed with the nuances of corporate finance transactions’.
‘Sabrina Fung is particularly recognised in the industry for her superb client service, combining technical excellence with business acumen’.
‘Good relationship with customers’.
‘Good service quality’.
‘The team is very experienced’.
Key clients
Analogue Holdings Limited
BNP Paribas Securities (Asia) Limited
DBS Asia Capital Limited
Dongxing Securities (Hong Kong) Company Limited
Guotai Junan Capital Limited
Haitong International Capital Limited
Huijing Holdings Company Limited
ICBC International Capital Limited
Renrui Human Resources Technology Holdings Limited
Tai Hing Group Holdings Limited
Work highlights
- Advised the sponsor and underwriters on the spin-off and HK$3.9bn Main Board IPO of Xinyi Energy Holdings Limited.
- Advised Huijing Holdings on its Main Board IPO, which raised approximately HK$1,521m.
- Advised the sole sponsor DBS Asia Capital Limited and underwriters in relation to the Main Board IPO of JY Grandmark Holdings Limited, which raised approximately HK$1,410m.
Hogan Lovells
Hogan Lovells’ Greater China team is adept at handling cross-border mandates across the Asia-Pacific region and beyond. With strong regulatory and listing compliance capabilities, the firm is well-placed to advise clients in the real estate, consumer, energy, life sciences, industrial and TMT sectors. It offers deep US securities expertise on-the-ground in the shape of team co-head Stephanie Tang, who advises on public offering and private placing work. Sammy Li jointly heads the team and is recommended for IPOs, global offerings, rights issues and other capital markets fund raising transactions. Nelson Tang, who also jointly heads the team, handles public takeovers and regulatory compliance matters. Stephen Peepels retired.
Practice head(s):
Other key lawyers:
Testimonials
‘Nelson Tang is very professional and knowledgeable.’
‘Nelson Tang can always deliver practical solutions to address our business needs’.
‘Jeffrey Lee is professional and responsible and is a good problem solver for our company’.
Key clients
Jumei International Holding Limited
The buyer consortium which includes the Chief Executive Officer and Chief Operating Officer of Gridsum Holding Inc., as well as an affiliate of the private equity investor Hammer Capital Private Investments Limited
BOCOM International
Nomura International (Hong Kong)
China Tonghai Securities
Huatai Financial Holdings
CLSA
Orient Securities
BNP Paribas Securities (Asia) Limited
Midea Real Estate Holding Limited
Fineland Real Estate Services Group Limited (“Fineland”)
UBS AG
BOC international
Work highlights
- Advised BOCOM International (Asia) (as sole sponsor), and BOCOM International Securities, Nomura International (Hong Kong), and China Tonghai Securities (as joint global coordinators and underwriters) on the initial public offering and listing of Tai Hing on the Main Board of the Stock Exchange of Hong Kong.
- Advised Huatai Financial Holdings (as sole sponsor), Huatai Financial Holdings, CLSA, and Orient Securities (as joint global coordinators), and the other underwriters on the initial public offering and listing of Manpower Group Greater China.
- Advised BOCOM International (Asia) (as sole sponsor), BOCOM International Securities, China Everbright Securities, and Haitong International Securities (as joint global coordinators), and the other underwriters on the initial public offering and listing of S.A.I. Leisure.
King & Wood Mallesons
King & Wood Mallesons is able to handle cross-border mandates with ease, with on-the-ground lawyers in Hong Kong who are qualified in PRC, Hong Kong, English and US law. Its ability to provide PRC advice for Hong Kong and US listings by Chinese issuers is valued by clients. Sheldon Tse, who heads the Corporate and Securities group, specialises in corporate finance, private equity transactions, M&A, and foreign direct investment projects. Gary Lock jointly heads the team and handles complex IPOs, private and public takeovers, corporate reorganisations and privatisations. Candy Chan, who also jointly heads the team, advises investment banks, companies and SOEs on IPOs in Hong Kong.
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Other key lawyers:
Testimonials
‘The capital markets team is very dedicated and works well with banks and clients’.
‘John Baptist Chan and Candy Chan are very experienced capital market lawyers who are very hardworking and detailed-oriented in helping clients to solve various issues’
‘They provide a team with both international firm expertise and experience, with strong PRC and Hong Kong local background and knowledge’.
‘The team were able to provide solid advice and practical solutions to resolve difficult issues in a timely and professional manner’.
Key clients
CSSC (Hong Kong) Shipping Company Limited
China Everbright Capital Limited, SBI China Capital Financial Services Limited and China Galaxy International Securities (Hong Kong) Co., Limited
Orient Capital (Hong Kong) Limited and other underwriters
Huatai Financial Holdings (Hong Kong) Limited and ABCI Capital Limited
Ruicheng (China) Media Group Limited
Huali University Group Limited
Poly Property Development
Sanvo Fine Chemicals Group Limited
China Industrial Securities International Financial Group Limited (“CISI”)
Work highlights
- Advised CSSC Shipping on its HK$2bn (before the exercise of the over-allotment option) IPO on the Main Board of the Hong Kong Stock Exchange.
- Advised the joint sponsors on the IPO and listing of the H-shares of Sichuan Languang Justbon Group Co., Ltd. on the Main Board of The Stock Exchange of Hong Kong Limited.
- Advised Poly Property on its HK$4.68bn IPO and the listing of its H-shares on the Main Board of The Stock Exchange of Hong Kong Limited.
Morgan, Lewis & Bockius
Morgan, Lewis & Bockius has strong experience in the niche area of education sector IPOs. Other areas of focus include public company M&A, post-IPO transactions, and PIPEs. With its international network of offices, the practice is well-positioned to handle cross-border deals, including dual-listings. Global head of capital markets Edwin Luk is well-regarded for his experience in cross-border M&A, and capital markets and private financing matters. Luk also handles securities regulation, compliance matters and restructuring.
Practice head(s):
Other key lawyers:
Key clients
China East Education Holdings Limited
Shanghai Gench Education Group
Meten International Education Group
Anta Sports Products Limited
Raffles Interior Ltd
Contel Technology Company Limited
Scholar Education Group
JH Educational Technology Inc.
CMMB Vision Holdings Limited
Zengame Technology Holding Limited
West China Cement Limited
Comtec Solar Systems Group Limited
China Hongqiao Group
Minsheng Education Group Company Limited
Hainan Meilan International Airport Company Limited
Work highlights
- Represented China East Education Holdings Limited on its $629m IPO listing on the main board of the Stock Exchange of Hong Kong.
- Advised Meten International Education Group on its successful $700m merger with EdtechX Holdings Acquisition Corp.
- Represented Anta Sports Products in connection with a HK$778m investment into the company by Chip Wilson, the founder of Lululemon.
Morrison & Foerster
Morrison & Foerster assists major Chinese investment banks and PRC companies with listing in Hong Kong. It is particularly experienced in pharmaceutical and biotech IPOs and regulatory matters. Head of practice Venantius Tan has over 25 years’ experience in Hong Kong capital markets transactions and his dual-qualified in Hong Kong and New York. Ke Huang focuses on international trasnactions and is experienced in advising issuers and underwriters in Rule 144A and Regulation S international equity and debt offerings throughout Asia.
Practice head(s):
Other key lawyers:
Key clients
Lvji Technology Holdings Inc.
Shenzhou International Group Holdings Ltd.
China Harmony New Energy Auto Holding Ltd.
Dynagreen Environmental Protection Group Co., Ltd.
Sunshine 100 China Holdings Limited
Science City (Hong Kong) Investment Co. Limited
Work highlights
- Advised Lvji Technology Holdings Inc. in its approximately $84.4m initial public offering of 352,700,000 ordinary shares.
- Advised the controlling shareholders of Shenzhou International Group Holdings Ltd. on their approximately HK$3.2bn block trade of shares in Shenzhou International Group Holdings Limited.
- Advised China Harmony New Energy Auto Holding Ltd. on the placing of new shares under general mandate raising approximately HK$156m.
O'Melveny
O'Melveny is noted for its strength in listing Chinese life sciences and biotech companies in the US and Hong Kong. It also acts for issuers and underwriters on strategic and capital raising transactions in the fintech, consumer, retail, TMT, real estate and education sectors. Areas of expertise include secondary and follow-on stock offerings, Rule 144A, Regulation S, Section 4(a)(2) / Regulation D, PIPEs and other unregistered offerings, as well as regulatory compliance matters. Beijing-based Ke Geng heads the team.
Practice head(s):
Other key lawyers:
Testimonials
‘Ke Geng is very pleasant and professional counsel ‘.
‘Ke Geng is an expert in his practice and can also present and articulate very well’.
Key clients
AkesoBio
Peijia Medical
Pharmaron Beijing Co., Ltd.
Viva Bio
Dexin China Holdings Company Limited
Shanghai Kindly Medical Instruments Co., Ltd.
UP Fintech Holding Limited (Tiger Brokers)
China Securities International Finance Holding Company Limited/Aikuyou
First Shanghai Capital Limited/Chen Lin Education HK IPO
Guotai Junan Capital Limited/Zhongguancun
Aesthetic Medical International Holdings Group Limited
Caitong International Capital Co., Limited /China Wan Tong Yuan HK IPO
China VAST
China Ping An Insurance Overseas (Holding) Limited
Henan Honliv Hospital
Hygeia Healthcare
Yeahka Technology
Work highlights
- Advised AkesoBio on its Hong Kong IPO.
- Advised Pharmaron on its Hong Kong IPO
- Advised Peijia Medical on its Hong Kong IPO.
Paul Hastings LLP
Paul Hastings LLP has forged close relationships with Chinese banks and through its Hong Kong, Shanghai and Beijing offices, it handles IPOs and global offerings, right issues, placing and block trades. Other areas of focus include follow-on offerings, regulatory expertise, H Share listings and B to H share listings. With a focus on biotechnology and healthcare, the firm also has clients in the manufacturing, energy, TMT, real estate and hospitality sectors. Chair of the Greater China practice Raymond Li is well-regarded for advising both leading Chinese corporations and internationally renowned inbound investors into Chinese markets. Chaobo Fan joined as partner from Latham & Watkins LLP. Jason Kuo left for King & Wood Mallesons.
Practice head(s):
Other key lawyers:
Testimonials
‘The team has outstanding performance in capital markets, cross-border investment, mergers and acquisitions, and international arbitration’.
‘The team has high overall quality’.
‘The team has rich experience and can handle complex issues’.
Key clients
Morgan Stanley
Credit Suisse
HSBC
Citi
SoftBank Vision Fund
CMB International Capital Limited
CCB International Capital Limited
CITIC CLSA
BOCI Asia Limited
Fosun
China Merchants Securities
CanSino Bio
China Vanke
COSCO SHIPPING Development Co., Ltd.
ICBC International Capital
SinoMab BioScience Limited
Jinshang Bank
China International Marine Containers
Work highlights
- Advised Jinshang Bank on its $422m global offering and listing of its H shares on the Hong Kong Stock Exchange.
- Advised Morgan Stanley Asia Limited and CLSA Capital Markets Limited as joint sponsors in the $390m global offering and IPO on the Main Board of the Hong Kong Stock Exchange of Jinxin Fertility Group Limited.
- Advised Credit Suisse (Hong Kong) Limited, Morgan Stanley Asia Limited, and ICBC International Capital Limited as joint sponsors in the $381m global offering and IPO on the Main Board of The Hong Kong Stock Exchange Limited of JS Global Lifestyle Company Limited.
Baker McKenzie
The capital markets team at Baker McKenzie covers Hong Kong, China and the Asia Pacific Region. It advises on securities offerings to raise equity, including IPOs, secondary share offerings, warrants and options, and convertible and exchangeable bond issues. Key clients include leading issuers, investment banks, financial institutions, commercial banks, PRC SOEs and private sector enterprises. Beijing-based Jackie Lo heads the practice and handles corporate finance and securities matters.
Practice head(s):
Other key lawyers:
Testimonials
‘Able to advise on both listed-company and cross-border transactions in the various sectors and geographic locations’.
‘Christina Lee has in depth knowledge on the M&A practices especially the takeovers codes and listing rules’.
‘Christina Lee is able to simplify complex legal issues and explain to the client in a simple way’.
‘They have a detailed understanding of our business and are familiar with Hong Kong’s legal system’.
‘Good communication, very diligent and conscientious’.
Key clients
Amuse Group Holding Limited
AVIC International Holding Corporation
BaoQiao Partners Capital Limited
BC Technology Group Limited
BOCOM International Holdings Company Limited
BOCOM International Securities Limited
CCB International
CCB International Capital Limited
Changsha Broad Homes Industrial Group Co., Ltd
China Evergrande Group
China Galaxy International Financial Holdings Limited
China International Capital Corporation Hong Kong Securities Limited (CICC)
China LotSynergy Holdings Limited
China Merchants Commercial Real Estate Investment Trust
China Pacific Insurance (Group) Co., Ltd.
China Railway Construction Corporation Limited
Chinese Estates Holdings Limited
Citibank, N.A.
CMB International Capital Limited (CMBI)
Country Garden Holdings Company Limited
Credit Suisse (Hong Kong) Limited
Defond Electrical Industries Ltd.
Evergrande Health Industry Group Limited
Evergrande Real Estate Group Limited
Gemini Investment (Holdings) Limited
Hengten Networks Gr
Work highlights
- Advised China Merchants Commercial Real Estate Investment Trust with properties located in the Greater Bay Area in China in its listing on the Hong Kong Stock Exchange.
- Advised the client on Beijing Capital Land Ltd.’s proposed H share rights issue. CICC, CMBI and HSBC are the joint global coordinators; CICC, CMBI, HSBC and Silk Road International are the placing agents; and CMBI, HSBC, Silk Road International and BCG Chinastar International Investment Limited are the underwriters of the H share rights issue.
- Advised China Railway Construction Corporation Limited (CRCC), one of the ultra-large integrated construction enterprises in the world, on its offering of $1bn guaranteed perpetual securities that closed on 27 June 2019.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton is well-regarded for high-end capital markets transactions. With its strong US presence, the firm is well positioned to advise on the SEC-related issues and the US securities law aspects of transactions. Freeman Chan has 30 years’ experience representing issuers and underwriters in Hong Kong-listed IPOs. US-qualified Shuang Zhao advises Chinese corporate clients and investment banks on transactions in the US and Hong Kong.
Other key lawyers:
Key clients
Jinko Solar
Lenovo Group
Morgan Stanley
Credit Suisse
Hansoh Pharmaceutical Group
Work highlights
- Acted as US counsel to OneConnect Financial Technology in its US initial public offering.
- Acted as Hong Kong and US counsel to Hansoh Pharmaceutical Group Company Limited in its approximately HK$9 bn initial public offering and listing (including over-allotment option).
- Acted as Hong Kong and US counsel to Topsports International Holdings Limited in its approximately $1.2 bn initial public offering and listing in Hong Kong.
DLA Piper
DLA Piper is active in the Hong Kong and US IPO spaces, as well as other high-value offerings. The China-based team handles corporate financing transactions, and provides post-listing and compliance counsel for PRC investment banks and SOEs. It also acts for clients in the in the e-commerce, technology, education, aviation, finance, transportation and life science industries. The team, which has China, Hong Kong, US and UK-qualified lawyers, is headed by Luke Gannon. Liu Wei is recommended for Greater China-related restructuring and listing matters. Melody He-Chen left for Ashurst.
Practice head(s):
Other key lawyers:
Key clients
China Southern Airlines Company
Medialink Group
Sinopharm Group
Hydoo International
Semiconductor Manufacturing International Corporation
Tianfeng Securities
Chengdu Expressway Co.
Benchmark
Valuable Capital
Maxim Group
China Merchants Securities (HK)
AMTD
BOC International
Work highlights
- Acted as Hong Kong legal adviser to China Southern Airlines on its proposed non-public issuance of H shares.
- Advised Medialink Group on its initial public offering on the Main Board of the Hong Kong Stock Exchange with concurrent global placement pursuant to Regulation S.
- Advised Semiconductor Manufacturing International Corporation (SMIC) on its issuance of $200m zero coupon convertible bonds due 2022.
Eversheds Sutherland
The Greater China capital markets team at Eversheds Sutherland handles fund raising financial transactions including IPOs, secondary fund raising, corporate restructuring, privatisations and reverse takeovers. Head of corporate Asia Stephen Mok has over 25 years’ corporate finance experience and speaks fluent English and Chinese (Cantonese and Mandarin). Norman Hui was recently promoted to head of equity capital markets and is recommended for corporate finance, M&A and private equity transactions.
Practice head(s):
Stephen Mok (Head of Corporate, Asia); Norman Hui (Head of Equity Capital Markets)
Other key lawyers:
Testimonials
‘Long-serving and stable team members’.
‘Hands-on involvement from senior members of the team’.
‘They provide practical advice to clients, striking the right balance between legal strictness and commercial viability’.
‘They have a young and vibrant team which is highly dependable and responsive’.
‘Dickson Ng stands out from the very strong corporate team’.
‘Dickson Ng leads by example and always puts his clients first’.
‘Dickson Ng has a level-headed character and a pragmatic approach’.
‘One of the most professional firms in town with good commercial connections and thus good business sense’.
Key clients
EuroEyes International Eye Clinic Limited
China International Capital Corporation Hong Kong Securities Limited (CICC)
Jilin Province Chuncheng Heating Company Limited
BOCI Asia Limited
Acme International Holdings Limited
Imagi International Holdings Limited
China Gas Industry Investment Holdings Co. Ltd.
Fortune Financial Capital Limited
Mont Avenir Capital Limited
Work highlights
- Advised EuroEyes International Eye Clinic Limited (EuroEyes) in connection with the listing of its shares on the Hong Kong Stock Exchange (sponsored by BOCI Asia Limited).
- Advised China International Capital Corporation (CICC), the Sole Sponsor, Sole Global Coordinator and Sole Bookrunner, on the IPO of Chinese biotechnology company Mabpharm Limited.
- Advised Jilin Province Chuncheng Heating Company Limited, a state-owned enterprise, the issuer, in connection with its listing of H shares on the Hong Kong Stock Exchange.
Fangda Partners
After the recent arrival of new practice head Colin Law from Shearman & Sterling, Fangda Partners continues to go from strength to strength in the equity capital markets space. The PRC-based firm focuses on capital markets and securities transactions, including IPOs, takeovers of public companies, privatisation and regulatory matters. Arman Lie was promoted to partner.
Practice head(s):
Other key lawyers:
Testimonials
‘Attention to details showing sound business acumen, with flexibility, and applying innovative thinking. ‘
‘Colin Law is always generous in sharing valuable experience and offering creative advice; As a client we can see a strong partnership is built upon professional solutions rather than solely commercial interests‘.
‘Very solid M&A and capital markets practice, and familiar with mainland China and Hong Kong markets‘.
‘Ability to focus directly on the core issues and understand client’s needs‘.
‘The team is very diligent and efficient. The team members are fluent in English, and communicate easily with foreign companies’.
Key clients
Jinxin Fertility Group
Merrill Lynch Far East
Goldman Sachs
Citigroup Global Markets Asia
Morgan Stanley Asia
China International Capital Corporation Hong Kong Securities
Feiyang International Holdings Group Limited
SG Group Holdings Limited
Wuxi Biologics (Cayman) Inc.
Work highlights
- Took the lead counsel role in advising Jinxin Fertility Group Limited on its application for listing on the Stock Exchange.
- Took the lead counsel role in advising Merrill Lynch Far East Limited and Goldman Sachs (Asia) L.L.C. s on the proposed global initial public offering of Frontage Holdings Corporation on the Main Board of The Stock Exchange of Hong Kong.
- Represented WuXi Biologics and its controlling shareholder, WuXi Biologics Holdings Limited (“BH”), in 6 placement transactions since January 2019 with the total value of 6 placings of around $4.2bn.
Jones Day
Jones Day handles cross-border financial transactions, regulatory matters, investigations and related litigation. Leaning on its global network for support, the firm is well-placed to handle international finance matters. The team leverages mandates in the biotech, healthcare, life sciences and TMT sectors. Head of practice Joelle Lau advises on IPOs and post-listing fund raising transactions.
Practice head(s):
Other key lawyers:
Testimonials
‘Professional advice from partners in timely manner’.
‘The team is passionate’.
Key clients
CLSA Limited
GenScript Biotech Corporation
Haitong International Asset Management Limited
New Hope Group Co Ltd
China Galaxy International Financial Capital Limited
China International Capital Corporation Limited (CICC)
China International Capital Corporation Hong Kong Securities Limited
Shanghai Junshi Biosciences Co., Ltd
Asia-Germany Industrial Promotion Limited
Halcyon Capital Limited
China Everbright Securities International Limited
Mr. LEE Ka Kit, co-chairman of Henderson Land Development Company Limited (through his wholly-owned special purpose vehicle, Peace Perfection Limited)
CMBC International Capital Limited
BOC International (Asia) Limited
China Wanxin City Development Group
Huatai Financial Holdings (Hong Kong) Ltd
Work highlights
- Advised China International Capital Corporation Hong Kong Securities Limited and the underwriters in connection with a $253.1m global offering and Hong Kong listing of CSSC (Hong Kong) Shipping Company Limited, a PRC state-owned company and the first shipyard-affiliated leasing company in Greater China.
- Acted as the US and Hong Kong legal advisors of GenScript Biotech Corporation in relation to its (a) approximately $423.8m initial public offering of 18,425,000 American depositary shares and spin-off listing of its subsidiary Legend Biotech Corporation on the Nasdaq Global Select Market, and (b) approximately $24m purchase of ordinary shares of Legend Biotech in a concurrent private placement of Legend Biotech.
- Represented China International Capital Corporation Hong Kong Securities Limited as sole sponsor and global coordinator in the $57.7m IPO of YCIH Green High-Performance Concrete Company Limited on the Main Board of the HKSE.
Milbank
Milbank focuses on the capital markets transactions in the Philippines, India, Vietnam, Indonesia and Thailand markets. US-qualified team head James Grandolfo handles concurrent equity placements and bond offerings, rights issues and recapitalisations across Asia. Alex Tao joined from Allen & Overy and Paul Pery was promoted to partner. David Kuo left for DLA Piper.
Practice head(s):
Key clients
JPMorgan
Morgan Stanley
UBS
Deutsche Bank
Goldman Sachs
HSBC
BPI Capital
CLSA
Credit Suisse
Citigroup
Bank of America Merrill Lynch
Mizuho Securities
Philippine National Bank
Metro Pacific Investments Corporation
GIC Private Limited
Son Kim Land Corporation
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
China International Capital Corporation
Kingsway Financial Services Group Limited
Australia and New Zealand Banking Group Limited
First Abu Dhabi Bank PJSC
SBICAP (Singapore) Limited
Work highlights
- Advised UBS, CLSA and Credit Suisse as joint lead managers in connection with AllHome Corporation’s $250m IPO under Reg. S – the first and only international IPO out of the Philippines in 2019, and the country’s largest since 2016.
- Advised Metro Pacific Investments Corporation and Singapore Sovereign wealth fund GIC Private Limited in connection with the majority sale of interest in Metro Pacific Hospital Holdings, Inc. to a consortium of investors led by KKR.
- Represented the sole sponsor and the underwriters in connection with the Hong Kong IPO of Xinyi Energy Holdings Limited (“Xinyi Energy.
Reed Smith Richards Butler
Reed Smith Richards Butler handles a variety of capital-raising transactions, and with its global network of offices, it is well-positioned to handle domestic and cross-border matters. Areas of focus include IPOs, follow-on offerings, rights issues, secondary offerings and private placements. Denise Jong heads the practice.
Practice head(s):
Ropes & Gray LLP
Ropes & Gray LLP advises on cornerstone investments for market-leading investors. Victoria Lloyd heads the practice with over 20 years’ experience. Clients include multinational corporate entities, investment banks, and global and Chinese private equity firms, sovereign wealth funds and asset managers. Areas of focus include equity capital markets transactions, public M&A, and securities and regulatory advice.
Practice head(s):
Other key lawyers:
Key clients
CMC
Rainbow Concept International Holding Limited
Work highlights
- Advising CMC in connection with the pre-IPO structuring of one of its portfolio companies.
Wilson Sonsini Goodrich & Rosati
Wilson Sonsini Goodrich & Rosati focuses on high-end IPOs and follow-on offerings in the technology, education, healthcare, life sciences and consumer sectors. Acting for issuers and underwriters, the practice has a strong focus on Chinese markets. Practice head Dan Ouyang splits her time between Beijing and Hon Kong, and is well-regarded for IPOs in Hong Kong and the US.
Practice head(s):
Key clients
Credit Suisse Securities
Deutsche Bank Securities
Goldman Sachs
Citigroup Global Markets
BofA Securities
China International Capital Corporation
China Index Holdings Limited
Qutoutiao Inc.
Ascentage Pharma Group International
WuXi AppTec
Work highlights
- Advised the underwriters on GSX Techedu’s on $208m IPO and $289m follow-on offering.
- Advised China Index on its direct listing in the US by way of spin-off from Fang Holdings Limited.
- Advised on Qutoutiao’s $100m follow-on offering and another follow-on offering for the resale by selling shareholders.
Addleshaw Goddard
Under the leadership of Daniel Wan, the equity capital markets team at Addleshaw Goddard acts for sponsors and underwriters on IPOs. The team leverages mandates from the infrastructure, insurance, financial services, healthcare and power industries, amongst others.
Practice head(s):
Testimonials
‘The team has a high-level of knowledge and experience, together with a professional service’.
Key clients
BOCOM International (Asia) Limited
China Galaxy International Securities (Hong Kong) Co., Ltd.
China Industrial Securities International Capital Limited
CMB International Capital Limited (CMBI)
Guosen Securities (HK) Capital Company Limited
Guotai Junan Capital Limited
Haitong International Capital Limited
Southwest Securities (HK) Capital Limited
SPDB International Capital Limited
Work highlights
- Acted for BOCOM and CMBI for the successful listing of Shanghai Kindly Medical Instruments Co., Ltd. on the Hong Kong Stock Exchange.
Mayer Brown
With offices in Hong Kong, London and New York, Mayer Brown has strong support in key financial centres to support its global capital markets practice. It acts for issuers and underwriters throughout Asia on the full spectrum of equity capital markets transactions. Head of team Billy Au advises Chinese SOEs and privately owned enterprises on global offerings, inbound and outbound M&A and other corporate finance matters.
Practice head(s):
Key clients
China Overseas Land & Investment Ltd.
Huarong Investment Stock Corporation Ltd. (issuer)
Hong Kong Huafa Investment Holdings Company Limited (issuer)
Jiayuan International Group Limited
BNP Paribas (underwriter)
CCB International Capital Limited (underwriter)
Credit Suisse (underwriter)
Guotai Junan Capital Limited (underwriter)
Haitong International Securities Company Limited (underwriter)
UBS Securities Hong Kong Limited (underwriter)
Work highlights
- Advised IVD Medical Holding Limited on the global offering of 333,400,000 shares at an offer price of HK$3.07 per share.
Shearman & Sterling
Shearman & Sterling advises advising both issuers and underwriters on Hong Kong IPOs and US IPOs for Chinese companies. With US, Hong Kong and English law capabilities, the firm is well-placed to advice on international matters. Kyungwon Lee relocated from New York to Hong Kong in early 2019 to lead the Asia capital markets practice. Matthew Bersani retired.
Practice head(s):
Other key lawyers:
Key clients
Morgan Stanley
Citigroup Global Markets Limited
BofA Securities
Central Retail Corporation Public Company Limited
Goldman Sachs
J.P. Morgan
Haitong International Securities Company Limited
China International Capital Corporation Hong Kong Securities Limited
CLSA Limited
Merrill Lynch
Work highlights
- Advised the underwriters in connection a $30m SEC-registered secondary offering by Hutchison Healthcare Holdings Limited as selling shareholder of 1,700,000 American Depositary Shares representing 8,500,000 ordinary shares of Hutchison China MediTech Limited.
- Advised Jinxin Fertility Group Limited in connection with its $390m global offering and IPO on the Main Board of the Hong Kong Stock Exchange.
- Advised Thailand’s Central Retail Corporation on its approximately $2.3 billion initial public offering.